The recent market correction has reset some of the bullish momentum seen in previous weeks, with the global crypto market cap dropping by $70 billion, bringing it to $2.28 trillion. While Bitcoin (BTC) closed the week near $67,000, other altcoins showed impressive resilience, bucking the broader market’s downtrend. Here are the top altcoins to watch this week as they continue to capture attention in the crypto market.
HEGE on a Resilience-Focused Recovery
Hege (HEGE), a meme-based cryptocurrency launched in April, initially struggled last week, experiencing an 18% slump that brought it below the $0.01 mark. This was the first time in October that HEGE dipped below this key support level. However, the asset began to stage a comeback over the weekend, gaining 20% on Saturday and adding another 10.7% early this week.
Currently forming a V-bottom pattern, HEGE’s path to recovery hinges on its ability to maintain the $0.01 support level. If this support holds, HEGE could rally to $0.0147, a previous high that could serve as a short-term resistance target. The Relative Strength Index (RSI) for HEGE sits at 46.71, suggesting it has room for additional gains, but only if it sustains momentum. A dip below the 0.382 Fibonacci level at $0.00975 could spark a new wave of selling pressure, signaling caution.
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HEGE’s unique branding revolves around a storyline of financial redemption, giving it a distinct identity in the meme coin landscape. For Coin Push Crypto Alerts users, tracking HEGE can offer insights into how narrative-driven assets can perform under market pressure.
Solana (SOL) Breaks the Trend
Solana (SOL) distinguished itself last week by securing gains in a down market, climbing 7% while other top cryptos trended lower. SOL’s price ended the week above $170, having started the week under $160. This sustained uptrend could continue into October as institutional players, or “whales,” continue to accumulate SOL, fueling a robust rally.
The Commodity Channel Index (CCI) for Solana is currently at 111.5, reflecting a strong momentum. However, traders should be cautious as this level approaches overbought territory. A pullback could drive SOL back to $159.46, a support level that previously acted as resistance. Should the correction intensify, further support levels could be found at the pivot point of $144.76, and deeper supports at $128.80, $118.94, and $102.98.
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For Coin Push Crypto Alerts users, the Solana market provides a key example of an asset able to defy bearish trends, especially important for those interested in altcoins with robust fundamentals and institutional backing.
SAFE Makes a 55% Jump Amid Upbit Listing
Safe (SAFE), another notable altcoin, recorded its largest intraday gain of 40.54% on October 24 following its listing on Upbit, a major crypto exchange. SAFE sustained its upward momentum with an additional gain of 11.52% the next day, closing the week with a 55% increase at .468.
Despite experiencing a mild retracement over the weekend, SAFE remains in an overall bullish trend. Its +DI of 39.6 on the Directional Movement Index, alongside an ADX of 40.5, indicates that bullish momentum is holding strong, with the bearish -DI at only 8.8. Nevertheless, the current week has seen a slight dip of 6.81%, testing SAFE’s next support at the 0.618 Fibonacci level of .269. If SAFE declines further, $1.11 could serve as a critical support level.
SAFE’s rise can be traced back to its origins as a spin-off from Gnosis, a decentralized Ethereum-based platform. As an independent entity, SAFE has focused on multisignature wallet technology, which has driven its popularity among investors and exchanges alike.
October Outlook for Coin Push Crypto Alerts Users
With the recent market correction, many top cryptos have faced downward pressure. However, HEGE, SOL, and SAFE have displayed resilience, suggesting they could remain solid contenders for October 2024. For users of Coin Push Crypto Alerts, monitoring these assets closely could provide an edge in tracking potential market rebounds or specific asset resilience in a volatile environment. While Coin Push Crypto Alerts does not offer buy, sell, or trading services, staying informed about these shifts can help users make educated decisions in the crypto landscape.
This analysis of HEGE, SOL, and SAFE provides insights into each asset’s potential, both in terms of technical indicators and broader market trends.
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Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other advice, and should not be treated as such. Coin Push Crypto Alerts does not recommend buying, selling, or holding any cryptocurrency. Always conduct your due diligence and consult a financial advisor before making any investment decisions.
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There are indications that the crypto will be distributed to players over two years rather than all at once. This approach is likely designed to prevent a rapid drop in price after listing, with the intention that only the “whales” will remain to buy up your coins gradually.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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